Just been listening in on a briefing with Stephen Timms MP, Financial Secretary to the Treasury, on tax havens. There is now agreement that action has to be taken and it will go quite far. The first principle is exchange of information with tax havens and there has been some movement here. In fact, HMRC was in Liechtenstein yesterday and had what seems like substantive and constructive discussions.
It appears that the final communique here will contain a commitment to sanction havens that don't agree to open and transparent exchange of information. It will also agree to publish a list of tax havens that don't comply. The only discussion now it seems is over the timing of all this. Movement but not quite to the extent that Richard Murphy had hoped for in our discussion yesterday.